Arqit Quantum (NASDAQ:ARQQ) Stock Price Down 34.8% – Here’s Why

Arqit Quantum Inc. (NASDAQ:ARQQ) shares fell 34.8% on Wednesday . The company traded as low as $21.88 and last traded at $23.27. 939,625 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 861,583 shares. The stock had previously closed at $35.70.

Analysts Set New Price Targets

Separately, HC Wainwright upped their price objective on Arqit Quantum from $27.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, December 31st.

Arqit Quantum Stock Down 27.7 %

The business has a fifty day moving average price of $21.45 and a 200 day moving average price of $12.37.

Hedge Funds Weigh In On Arqit Quantum

A hedge fund recently bought a new stake in Arqit Quantum stock. Cowen AND Company LLC bought a new stake in Arqit Quantum Inc. (NASDAQ:ARQQ) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 100,000 shares of the company’s stock, valued at approximately $34,000. Cowen AND Company LLC owned 0.06% of Arqit Quantum at the end of the most recent quarter. 16.60% of the stock is owned by institutional investors and hedge funds.

Arqit Quantum Company Profile

Arqit Quantum Inc provides cybersecurity services through satellite and terrestrial platforms in the United Kingdom. It offers QuantumCloud, a Platform as a Service that creates unbreakable software encryption keys. The company also provides maintenance and support, and professional services. Arqit Quantum Inc is based in London, the United Kingdom.